HA Sustainable Infrastructure Capital, Inc. Quarterly report pursuant to Section 13 or 15(d)

Equity (Tables)

3 Months Ended

Mar. 31, 2017

Our board of directors declared the following dividends in 2016 and 2017:

Announced Date

Record Date

Pay Date

Amount per share

3/15/16

3/30/16

4/7/16

0.30

6/07/16

7/06/16

7/14/16

0.30

9/15/16

10/05/16

10/13/16

0.30

12/13/16

12/29/16

1/12/17

0.33

3/15/17

4/5/17

4/13/17

0.33

*	This dividend was treated as a distribution in 2017 for tax purposes.

We completed the following public offerings and ATM offerings of our common stock in 2016 and 2017:


Closing Date	Common Stock Offerings	Shares Issued¹		Price Per Share			Net Proceeds²
		(amounts in millions, except per share amounts)
6/21/16	Public Offering		4.60	$	19.78	³	$	91
5/9/16 to 6/30/16	ATM		0.065	$	20.31	⁴	$	1
11/09/16	Public Offering		4.025	$	19.28	³	$	77
12/13/16 to 12/29/16	ATM		0.407	$	19.47	⁴	$	8
1/20/17 to 2/2/17	ATM		0.197	$	19.18	⁴	$	4
3/10/17	Public Offering		3.45	$	18.73	³	$	64

¹	Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares.

²	Net proceeds from the offerings is shown after deducting underwriting discounts, commissions and other offering costs.

³	Represents the price per share at which the underwriters in our public offerings purchased shares from our company.

⁴	Represents the average price per share at which investors in our ATM offerings purchased shares from our company.

A summary of the unvested shares of restricted common stock that have been issued is as follows:


	Restricted Shares of Common Stock			Weighted Average Share Price		Value (in millions)
Balance — December 31, 2015		1,248,069		$	15.16	$	18.9
Granted		661,055			18.62		12.3
Vested		(716,264	)		14.03		(10.0	)
Forfeited		(11,188	)		17.25		(0.2	)

Ending Balance — December 31, 2016		1,181,672		$	17.76	$	21.0
Granted		448,782			19.02		8.5
Vested		(79,211	)		16.94		(1.3	)
Forfeited		—			—		—

Ending Balance — March 31, 2017		1,551,243		$	18.17	$	28.2

A summary of the unvested shares of restricted stock units that have been issued is as follows:


	Restricted Stock Units		Weighted Average Share Price		Value (in millions)
Balance — December 31, 2016		—		—		—
Granted		253,200	$	18.99	$	4.8
Vested		—		—		—
Forfeited		—		—		—

Ending Balance — March 31, 2017		253,200	$	18.99	$	4.8